Iran GDP Composition By Sector - 2024 Outlook

Figuring out what makes up a country's economic strength, especially when we talk about its gross domestic product or GDP, can feel like putting together a big puzzle. For Iran, a nation with a rich history and a really important spot on the world map, looking closely at how its economy is built, sector by sector, becomes quite interesting. As we think about what 2024 might bring, the things that shape Iran's economic scene are, in a way, a blend of its huge natural resources and how tough its people and systems are.

You see, Iran has what some call a mixed economy, where the government plays a pretty big part in planning things out. This kind of setup, with a large public sector, includes a few main parts: there are the oil and gas areas, farming, and services. Beyond those, you also find manufacturing and financial services making up a good chunk of things, too it's almost like a full house of different activities. Actually, there are over 40 different types of businesses whose shares are traded on the Tehran stock exchange, which is quite a lot if you think about it.

When you consider that Iran holds about ten percent of the world's confirmed oil reserves and fifteen percent of its gas reserves, you quickly see why it is often thought of as a major energy power. These vast natural resources clearly play a big role in how the economy works and how money moves around. So, when we talk about the overall economic picture for Iran, these energy resources are, basically, right at the center of it all, giving the country a unique standing in the global marketplace, as a matter of fact.

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Table of Contents

• What's the Current Size of Iran's Economy?
• Iran's Overall Economic Value in 2024 GDP Composition
• How Have Iran's Economic Parts Been Shifting?
• Recent Changes in Iran GDP Composition by Sector
• What Does the Future Hold for Iran's Sectoral Contributions?
• Key Sectors Expected to Shape Iran GDP Composition in 2024
• How Does Agriculture Fit into Iran's Economic Structure?
• The Agricultural Piece of Iran GDP Composition by Sector

What's the Current Size of Iran's Economy?

When we look at the overall economic worth of Iran for the year 2024, the numbers show a specific picture. According to the World Bank, a very well-known source for such figures, the total value of all goods and services produced in Iran, its gross domestic product, came out to be about 436.91 billion US dollars. This figure, you know, gives us a sense of the country's economic scale at that time. It's a way to gauge its financial activity.

Iran's Overall Economic Value in 2024 GDP Composition

To put that 436.91 billion US dollars into perspective, it represents a fairly small piece of the entire global economy. Specifically, it makes up 0.41 percent of the world's total economic output. So, in a way, Iran's economic contribution is less than half of one percent of everything produced on Earth. It's a modest part of the big global financial picture, you could say. It's worth noting that these figures come from official sources, like the World Bank, which collects information from recognized places. However, it's also important to remember that no one is making absolute guarantees about how accurate the Iran 2024 information is. If you happen to spot any errors or have suggestions for fixing them, the advice is to get in touch with the CIA or the original source mentioned on each specific page. This helps keep the records as correct as possible, basically.

How Have Iran's Economic Parts Been Shifting?

Looking back a little bit, we can see some interesting movements in Iran's economic performance. For example, an international group that keeps an eye on such things estimated that in 2023, Iran's economy saw a five percent increase in its overall size. That's a good amount of expansion. However, at the same time, the country also experienced a rather high rate of price increases, with inflation reaching 40.8 percent during that year. This shows that while the economy was getting bigger, the cost of things was also going up quite a lot, which is a key piece of information.

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Recent Changes in Iran GDP Composition by Sector

The numbers from Iran's Central Bank, which were released fairly recently, give us a closer look at what happened in the first half of 2024. These figures show that the rate at which Iran's economy grew actually slowed down quite a bit. Compared to the same time period in 2023, the growth rate was cut in half. For instance, in the first six months of last year, the economy expanded by 5.3 percent. But then, during the first half of this year, that growth dropped significantly, coming in at 2.9 percent. This kind of change, you know, shows a definite shift in how quickly the economy is moving along. It's a noticeable difference.

Back in 2020, for instance, Iran's GDP was around 262.19 billion US dollars. This figure actually represented a fairly big drop, a decline of 21.39 percent, from the year before, 2019. This kind of decrease shows a period where the economy was shrinking rather than getting bigger. So, when we think about the long-term trends, these ups and downs are part of the story. The way a country's economy is put together, with its different parts like agriculture, industry, and services, gives us the percentage each part adds to the total GDP. If all the information is there, these percentages should add up to exactly 100 percent of the GDP, which is pretty straightforward.

What Does the Future Hold for Iran's Sectoral Contributions?

Looking ahead to 2024, there are some predictions about which parts of Iran's economy will lead the way. The bank, for instance, has put out a forecast that suggests the industrial sector is likely to be the strongest performer. They expect this part of the economy to grow by 4.9 percent, which is a solid rate of expansion. After that, the services sector is predicted to see a growth of 2.7 percent. And then, the agricultural sector, which includes things like farming, fishing, and forestry, is expected to grow by 0.9 percent. So, basically, industry seems to be the one to watch for big movements this year.

Key Sectors Expected to Shape Iran GDP Composition in 2024

It's interesting to note that the Statistical Centre of Iran, often called SCI, reported a significant jump in the country's gross domestic product between June and August of 2023. They said there was a 7.1 percent increase during that time. What's even more striking is that almost half of this increase was due to the energy sector. This particular rise is considerably higher than other growth figures we've seen. Given that the broader political situation in the world hasn't really changed much lately, this strong increase could very well continue into 2024. It suggests that the energy part of the economy might keep playing a very big role, you know, in the coming months.

The way an economy's total value, or GDP, is calculated, specifically at what are called purchaser's prices, means adding up all the gross value that resident producers in the economy create. On top of that, you add any taxes on products. Then, you take away any government payments, called subsidies, that were not already taken out of the product values. This method, in short, gives a comprehensive picture of the economic activity from the perspective of what buyers pay for things. It's a way to measure the overall output, which is quite useful.

How Does Agriculture Fit into Iran's Economic Structure?

When we think about the agricultural part of Iran's economy, we're talking about all the activities connected to farming, fishing, and forestry. These are the basic ways people get food and raw materials from the land and sea. The value that this sector adds to the overall economy is measured as a percentage of the total GDP. This gives us a clear idea of how much agriculture contributes to the country's financial well-being. It's a pretty important piece of the economic puzzle, naturally.

The Agricultural Piece of Iran GDP Composition by Sector

Looking at the most recent figures for agriculture, the value added in this sector was 12.84 percent of Iran's GDP in 2023. This was a slight increase from the 12.77 percent seen in 2022, so it shows a little bit of upward movement. If you compare this to the global average, which is 9.91 percent based on information from 166 countries, Iran's agricultural contribution is actually a bit higher than what most countries see. Historically, if we look at the average for Iran from 1960 all the way to 2023, the agricultural sector typically contributed about 11.74 percent to the GDP. The lowest point for this sector was in 2011, when it made up just 4.64 percent of the economy. On the other hand, its highest contribution was a much larger 25.9 percent, showing quite a range over the years. So, it's a sector that has seen its ups and downs, but generally holds a solid place in the country's economic makeup, more or less.

The economy of Iran, as we can see from various reports, is truly shaped by a few main parts. There's the hydrocarbon sector, which involves all that oil and gas. Then, you have the agriculture and services sectors, which are also very important. On top of these, the government has a noticeable hand in both manufacturing and financial services. This blend of activities, with a strong presence from the state in key areas, really defines how the economy works. It's a distinct mix that influences everything from how goods are made to how money moves around, basically.